Mining Giants Take $264 Billion Hit as Gold Prices Plummet
The world's top 50 mining companies took a $264 billion hit in September as gold prices plummeted. The decline marked one of the largest monthly drops on record, with gold futures falling 6.4% to $4,158 an ounce. This downturn wiped out nearly three-quarters of the gains made in August, when gold prices surged.
The Federal Reserve's interest rate hike and a global bond selloff also contributed to the decline. The dollar firmed, further pressuring gold prices. Silver followed suit, falling 9% for the month. Copper, iron ore, and PGMs also suffered losses.
Lithium stocks were hit particularly hard, with prices dropping 22.5%. Albemarle and Ganfeng Lithium saw their values plummet by over a fifth each. SQM, one of the few remaining lithium producers in the ranking, fell 17.9%.
Gold miners also felt the pinch, with Newmont and Agnico Eagle suffering double-digit billion-dollar losses. AngloGold Ashanti led the decline among gold miners, falling 16.4%. Kinross cut its production guidance, citing winter storms and lower grades.